Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

India's central bank keeps interest rates unchanged  Join our daily free Newsletter

MENAFN - The Peninsula - 17/06/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) India's central bank kept its benchmark interest rates unchanged on Monday after three successive cuts this year, due to inflationary concerns, weak global factors and a falling rupee.

After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said the benchmark repo rate, at which it lends to commercial banks, would be on hold at 7.25 percent, as expected by most economists.

The cash reserve ratio the percentage of deposits banks must keep with the central bank was also kept unchanged at 4.0 percent.

The RBI's decision to keep rates unchanged had been forecast by economists due to a weakening rupee, which hit a record low of 58.98 against the dollar last week.

A cut in interest rates would lead to an even weaker rupee, push up the cost of imports and widen the current account deficit, which hit a record 6.7 percent of gross domestic product in the last quarter of 2012.


The RBI also expressed concern over stubborn headline inflation, although this cooled to a more than three-year low of 4.7 percent year-on-year in May, according to data last week.

Business leaders however want the RBI to lower borrowing costs further to help kick-start the economy, which has been growing at a decade low of 5.0 percent.

India's manufacturing activity also dropped to a 50-month low in May, fuelling further growth concerns about the strength of Asia's third largest economy.

The Congress party government, led by Prime Minister Manmohan Singh, has been battered by a spate of corruption scandals and is keen to revive economic growth before facing voters in general elections due in 2014.

 


The Peninsula




  MENA News Headlines
 Sep 24 2016 - Spikes Asia Festival of Creativity 2016 Award Winners AnnouncedMENAFN Press
(MENAFN Press) SINGAPORE, Sept 24, 2016-(ACN Newswire)-The final day of Spikes Asia culminated in a ceremony to celebrate the winners of the annual Spikes Asia Awards. The industry gathered to ...

 Sep 24 2016 - Pagan Ritual for Social Justice is Open to the PublicMENAFN Press
(MENAFN Press) Online PR News – 24-September-2016 – Long Beach, CA – The pagan communitys belief systems are many and diverse. Many pagan spiritual systems are centered around at ...

 Sep 24 2016 - Saudi Arabia offers Iran to reduce oil productionMENAFN
(MENAFN) According to official sources, Saudi Arabia has offered to reduce oil production if rival Iran agrees to cap its own output this year.Accordingly, the offer, which has yet to be accepted or ...

 Sep 24 2016 - Egypt negotiates to receive USD300m of Sinai's loanMENAFN
(MENAFN) According to a government source, Egypt's Ministry of International Cooperation is about to receive Abu Dhabi Fund for Development (ADFD) loans geared for development projects in Sinai.The ...

 Sep 24 2016 - Qatar's CRA to order Ooredoo to provide access to QNBNMENAFN
(MENAFN) The Communications Regulatory Authority (CRA), Qatar National Broadband Network (QNBN) had issued a complaint issued against Ooredoo for not complying with an agreement to provide access to ...

 Sep 24 2016 - Kuwait- Sheikh Sabah Al-Khaled meets Latvian FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) - First Deputy Premier and Foreign Minister of Kuwait Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah held talks here on Friday with Latvian ...

 Sep 24 2016 - Kuwait- Sheikh Sabah Al-Khaled meets Tanzanian FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) -- Kuwait First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah met on Friday the Tanzanian Minister ...

 Sep 24 2016 - Kuwait- Syria's truce meaningless without split of moderate opposition, terrorists - LavrovKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) -- Russian Foreign Minister Sergei Lavrov said Friday any cessation of hostilities in Syria would be "meaningless" without separation of ...

 Sep 24 2016 - Kuwait- Still no conclusive evidence IS used mustard gas in Iraq - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, Sept 23 (KUNA) -- There is "no conclusive evidence" yet that mustard gas was used by the so-called Islamic State (IS) in a recent failed attack on US ...

 Sep 24 2016 - Kuwait- Still no conclusive evidence IS used mustard gas in Iraq - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) (Reopens) WASHINGTON -- In Syria, Turkish and coalition forces have cleared five additional villages along Syria's northern border with Turkey. Furthermore, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help